Korean beauty giants Amorepacific and LG Household & Health Care reported disappointing Q2 earnings during recent lockdowns in China.
Amorepacific reported its Q2 earnings on July 28, with an overseas revenue of 297.2 billion won ($227 million), down 33.2 percent year-on-year (YoY), and a net loss of 37.2 billion won ($28.6 million).
Asia revenue declined by 39 percent with China sales accounting for more than 50 percent of Asia sales, according to the earnings release. The news saw the share price drop by 9.89 percent.
LG Household & Health Care also faced losses in China with sales falling by 7.9 percent YoY to 1.86 trillion won ($1.43 billion) and its operating profit falling by 35.5 percent to 217 billion won ($165 million) in the second quarter of this year….